The rand was weaker against the dollar in late afternoon trade on Friday, as the greenback gained on the euro, after a groundbreaking agreement on taxes in the US Congress rekindled optimism about possible tax cuts. Further tax cuts in accordance with President Donald Trump’s reform plan could favour equities, analysts say, and so be dollar supportive. The dollar hit its highest level of the month after the US Senate passed a budget blueprint for the next financial year, seen as clearing a hurdle to the Trump administration’s goal of overhauling the tax code. The markets’ rally since Trump’s surprise has been driven in part by hopes that a Republican-led Congress would introduce lower taxes, seen as stimulating growth, Dow Jones Newswires reported. Trump lauded the 51-49 vote on Twitter, saying it would be the "first step toward massive tax cuts for the American people". Further gains in the dollar were, however, capped on news reports that Trump was leaning toward US Federal Reserv...
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